Envestnet Asset Management Inc. Purchases 5,534 Shares of MercadoLibre, Inc. (NASDAQ:MELI)

Posted by on Aug 30th, 2023

Envestnet Asset Management Inc. increased its position in MercadoLibre, Inc. (NASDAQ:MELI – Free Report) by 24.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,795 shares of the company’s stock after purchasing an additional 5,534 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.06% of MercadoLibre worth $36,636,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Raymond James Trust N.A. purchased a new position in MercadoLibre during the 1st quarter valued at about $236,000. Cibc World Market Inc. lifted its holdings in MercadoLibre by 6.1% during the first quarter. Cibc World Market Inc. now owns 659 shares of the company’s stock worth $784,000 after buying an additional 38 shares during the period. Dimensional Fund Advisors LP lifted its holdings in MercadoLibre by 8.6% during the first quarter. Dimensional Fund Advisors LP now owns 189 shares of the company’s stock worth $225,000 after buying an additional 15 shares during the period. Blair William & Co. IL raised its position in shares of MercadoLibre by 10.1% in the 1st quarter. Blair William & Co. IL now owns 2,878 shares of the company’s stock worth $3,423,000 after acquiring an additional 264 shares in the last quarter. Finally, Cetera Investment Advisers grew its stake in MercadoLibre by 25.1% in the first quarter. Cetera Investment Advisers now owns 1,048 shares of the company’s stock valued at $1,247,000 after purchasing an additional 210 shares during the last quarter. 80.01% of the stock is currently owned by hedge funds and other institutional investors.

MercadoLibre Trading Up 4.4 %

Shares of MELI stock opened at $1,304.66 on Wednesday. The stock has a 50 day simple moving average of $1,220.64 and a 200-day simple moving average of $1,230.70. MercadoLibre, Inc. has a 1-year low of $754.76 and a 1-year high of $1,388.39. The company has a market cap of $65.35 billion, a price-to-earnings ratio of 87.33, a PEG ratio of 1.30 and a beta of 1.52. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.28 and a quick ratio of 1.25.

MercadoLibre (NASDAQ:MELI – Get Free Report) last announced its earnings results on Wednesday, August 2nd. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.13 by $1.03. The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.27 billion. MercadoLibre had a net margin of 6.23% and a return on equity of 39.07%. The company’s revenue for the quarter was up 31.5% compared to the same quarter last year. During the same quarter last year, the business earned $2.43 earnings per share. On average, equities research analysts expect that MercadoLibre, Inc. will post 20.56 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Bank of America cut shares of MercadoLibre from a “buy” rating to a “neutral” rating and lowered their price target for the company from $1,680.00 to $1,350.00 in a report on Monday, July 10th. The Goldman Sachs Group upped their price target on MercadoLibre from $1,910.00 to $2,180.00 and gave the stock a “buy” rating in a research report on Wednesday, August 9th. JPMorgan Chase & Co. upped their price target on MercadoLibre from $1,700.00 to $2,000.00 and gave the stock an “overweight” rating in a research report on Monday, August 7th. BTIG Research boosted their target price on MercadoLibre from $1,400.00 to $1,600.00 in a research note on Thursday, May 4th. Finally, StockNews.com initiated coverage on shares of MercadoLibre in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, MercadoLibre presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,615.42.

Get Our Latest Analysis on MELI

About MercadoLibre

(Free Report)

MercadoLibre, Inc operates online commerce platforms in Latin America. It operates Mercado Libre Marketplace, an automated online commerce platform that enables businesses, merchants, and individuals to list merchandise and conduct sales and purchases online; and Mercado Pago FinTech platform, a financial technology solution platform, which facilitates transactions on and off its marketplaces by providing a mechanism that allows its users to send and receive payments online, as well as allows users to transfer money through their websites or on the apps.

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Institutional Ownership by Quarter for MercadoLibre (NASDAQ:MELI)

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